Monday 13 July 2020

Major pension fund in Australia announces divestment from thermal coal mining

One of the largest pension funds in Australia, First State Super, has announced it will divest from thermal coal mining.

It says it will eliminate the fossil fuel from its investment portfolio businesses, which gain more than 10% of their revenue from thermal coal by October 2020.

This plan will complement the transition of its portfolio to investments which are of lower climate change risk and will help businesses adapt to their current environmental needs.

The pension fund has also pledged to almost halve its carbon dioxide emissions across its investments within a decade.

It also seeks to transition the investment portfolio towards carbon-neutrality, achieving net zero emissions by 2050.